Tesla's Musk over halfway through his pledge with nearly $11 billion stake sale
Reuters
Published Dec 03, 2021 08:17AM ET
Updated Dec 03, 2021 09:46AM ET
By Hyunjoo Jin and Subrat Patnaik
(Reuters) - Tesla (NASDAQ:TSLA) Inc Chief Executive Elon Musk has sold nearly $11 billion worth of shares since the world's richest person polled Twitter (NYSE:TWTR) users about offloading 10% of his stake in the electric-car maker.
He has sold a combined 10.1 million shares, which is over half of the stake that he had pledged to sell, and has acquired 10.7 million shares by exercising options, since Nov. 8.
Here is a string of transactions he has done:
DATE SHARES ACQUIRED SHARES SOLD GROSS PROCEEDS
NOV. 8 2.2 mln
NOV. 8 934,091 $1.10 bln
NOV. 9 3.1 mln $3.35 bln
NOV. 10 500,000 $527.3 mln
NOV. 11 639,737 $687.3 mln
NOV. 12 1.2 mln $1.24 bln
NOV. 15 2.1 mln
NOV. 15 934,091 $930.7 mln
NOV. 16 2.1 mln
NOV. 16 934,091 $973.4 mln
NOV. 23 2.15 mln 934,091 $1.05
bln
DEC. 2 2.1 mln 934,091 $1.01
bln
Total 10.7 $10.87 bln
mln 10.1 mln
HOW DID MUSK SELL?
Musk said on Nov. 6 he would sell 10% of his stake if Twitter users agreed. He owned a combination of about 244 million shares through his trust and stock options, bringing his stake in Tesla to about 23% as of June 30. It included 170 million shares held by his trust.
The tweet was vague. Musk did not outline if he was intending to offload 10% of his shares he indirectly owned through the trust or if his stock options were also part of the deal.
Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year.
(This story corrects gross proceeds numbers for Nov. 23 and Dec. 2, and total gross proceeds in table. Also corrects figures for shares sold and bought in paragraph 2)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.